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15-Year Fixed-Rate Mortgage

The sooner you pay off your mortgage, the sooner you’ll find your pockets overflowing with cash you don’t have to spend on housing anymore. If you like the sound of this, then a short-term mortgage may be right up your alley.

Get Free and Clear Faster

The 15-year fixed-rate mortgage is the loan of choice for people with the means to build their equity twice as fast.

You’ve worked hard to realize the dream of owning your own home, and you see no reason to drag it out any longer than you have to. Why spend decades beholden to someone else when you could pay off your mortgage once and for all in half the time?

Slash the Interest

Reducing your mortgage’s term by half will reduce the total amount of interest you ultimately pay by more than half.

In finance, as with most things in life, there are big rewards for playing the long game. The secret to how a tiny interest rate percentage turns into a gargantuan amount of money is time. The longer a loan’s term, the more interest accumulates.

Is a 15-Year Mortgage right for you?

Speak with one of our experienced senior loan officers today about buying or refinancing a home.

Choosing the Right Loan

Scenario 1

James’s monthly income is supplemented by his 20-year retirement benefits from the Army, which gives him the means to spend more on his mortgage payments if he chooses to. He considered getting a 30-year mortgage and then voluntarily making extra principal payments on his own, but then he found out that he could get a lower interest rate with a 15-year mortgage, so the shorter term just made sense.

Scenario 2

Alex is a successful entrepreneur who also has enough income to make a higher monthly payment, but he knows that he’s not going to be attached to his home for long. It made more sense for him to get an adjustable-rate mortgage and save money on payments during the introductory period.

Scenario 3

Sarah might be able to squeeze a higher mortgage payment into her budget, and she knows that there are great benefits to growing her home equity faster. A dedicated Loanwise specialist will help her determine whether it is worth the sacrifice of disposable income.

See the Savings for Yourself

In each of these examples, you can see that the total interest on a 15-year mortgage is less than half what it is on a 30-year mortgage.

Interest Rate

Loan Amount: $100,000

Term: 30 years

Accumulated Interest

$93,256

Term: 15 years

Accumulated Interest

$42,343

Interest Rate

Loan Amount: $200,000

Term: 30 years

Accumulated Interest

$186,512

Term: 15 years

Accumulated Interest

$84,686

Interest Rate

Loan Amount: $100,000

Term: 30 years

Accumulated Interest

$164,155

Term: 15 years

Accumulated Interest

$72,017